CSC FIN333 MIDTERM EXAM

Jul 28th, 2016

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Part 1 of 1 - 100.0 Points
Question 1 of 33 3.0 Points
When demand increases,
A. consumers buy more of the good only if its price falls.
B. the price is lower at any level of quantity demanded.
C. consumers are willing to buy more at any price.
D. the demand curve shifts leftward.
Question 2 of 33 3.0 Points
If the demand for digital cameras increases when consumers' incomes rise, then digital cameras are
A. a substitute for camcorders.
B. made using advanced technology.
C. an inferior good.
D. a normal good.
Question 3 of 33 3.0 Points
In a recession, consumers have less income to spend. As a result, if dining out is a normal good, then which of the following would happen to the demand curve for dining out?
A. The demand curve would shift rightward.
B. The demand curve would not shift but the price of dining out would fall.
C. The demand curve would shift leftward.
D. The effect on the demand curve is unknown.
Question 4 of 33 3.0 Points
If a consumer's income double

CSC FIN333 MIDTERM EXAMPart 1 of 1 - 100.0 PointsQuestion 1 of 33 3.0 PointsWhen demand increases,A. consumers buy more of the good only if its price falls.B. the price is lower at any level of quantity demanded.C. consumers are willing to buy more at any price.D. the demand curve shifts leftward.Question 2 of 33 3.0 PointsIf the demand for digital cameras increases when consumers' incomes rise, then digital camerasareA. a substitute for camcorders.B. made using advanced technology.C. an inferior good.D. a normal good.Question 3 of 33 3.0 PointsIn a recession, consumers have less income to spend. As a result, if dining out is a normal good,then which of the following would happen to the demand curve for dining out?A. The demand curve would shift rightward.B. The demand curve would not shift but the price of dining out would fall.C. The demand curve would shift leftward.D. The effect on the demand curve is unknown.Question 4 of 33 3.0 PointsIf a consumer's income doubles and she now purchases less of good X, we can infer that good Xis a(n) __________ good.a. LuxuryA. LuxuryB. NormalC. InferiorD. SpecialQuestion 5 of 33 3.0 PointsReferring to figure, at a price of $70, the amount of producer surplus is:A. $9,000.B. $8,000.C. $18,000.D. $6.000.Question 6 of 33 3.0 PointsSuppose the domestic supply and demand curves for MP3 players in the United States are givenby the following set of equations:QS = 25 + 10PQD = 925 5PIf the United S